Ziff Media said that the sale will allow it to focus solely on its core PCMag digital network business.
The company's Electronic Gaming Monthly magazine will be discontinued after the January 09 issue.
Ziff Davis Media launched the digital network in November reflecting a move to a 100% digital position for its flagship brand.
It said that more announcements about the future growth and expansion of the network will be issued in the coming months.
Jason Young, Ziff Davis Media CEO, said: "We believe this is a smart transaction for Ziff Davis Media that places these market leading assets and teams in a great environment poised for further success.
"The transaction allows us to pay down debt and shift our full focus to our core PCMag digital network business."
Jay Moses, CEO of Ugo Entertainment, said: "The acquisition of 1up, with its authentic voice, tenured editorial personalities and bustling user community, allows us to expand our base of quality content and represents a major step forward in Ugo's mission to become the leader in the games space."
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